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    Smart Buyers Make A Pre-Approval Their First Step

    In markets all across the country, the number of homes for sale is being eclipsed by the number of buyers current searching for their dream homes. Because of this, we’ve found ourselves in a very competitive marketplace where buyers need to do whatever they can to stand out from the crowd.  In our experience, industry experts tend to agree on one specific way to do so: The best way to present yourself as a serious homebuyer, is to get pre-qualified or pre-approved for a mortgage before kicking off your home search.

    Even in markets that are less competetive, having a clear understanding of your budget will give you the confidence and clarity to know when your dream home is within your reach. Getting pre-approved can help with that, as it will tell you how much home you can really afford, allowing you to make confident decisions as quickly as need be, when your market starts to heat up.

    And don’t forget about your real estate professionals. Here at Cassandra & Co., our team has amazing relationships with lenders throughout Denton County and across the country, who are ready to help get you started with a pre-approval. Once you’ve chosen a lender you trust, they’ll provide you with a loan application, and ask for some important information regarding your credit, debt, work and residential history. The information you provide them will help them determine what you will be qualified to borrow. And how do they do that? For that answer, it’s time to look at the 4 C’s:

    Capacity: Your ability to make mortgage payments (both current and future).
    Capital or cash reserves: The savings, cash and investments you have that can be sold quickly for cash.
    Collateral: The type of home you’re looking to purchase.
    Credit: Your personal history of making payments, and paying bills on time.

    Getting pre-approved is an important first step that will set you on a successful path towards homeownership, and prove to home sellers that you are serious about buying. So if you’re ready and eager to buy a home this Spring, start with your lender and get your pre-approval going. If you’re in need of the right lender for you and your family, send us an e-mail and we’ll provide you with our local recommendations.

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